According to Silicon Alley Insider, Hulu has passed the nation’s second largest cable provider, Time Warner Cable, in monthly viewership. The comScore report for July puts Hulu at 38 million viewers, while Time Warner was estimated to be closer to 34 million.

As the SAI article points out, there’s not a whole lot to draw from this news. Cable is still drawing far greater revenues than Hulu, so it’s hard to say how the two will compare into the future. There’s also the matter of the content actually being watched. While it’s probably rare that someone would fire up the DVR just to watch a clip of the Colbert Report, those clips are probably a large part of the viewer count for Hulu. Then again, those Hulu viewers may end up logging more video time because accessing content is a little more active than flipping on the TV. In any case, the comparison isn’t quite one to one.